COP28 delivers “weak” draft for global adaptation framework: COP28 negotiators introduced a draft for the new Global Goal on Adaptation (GGA) yesterday outlining the new global framework for adaptation plans and funding, The Guardian reports. Delegates from climate-vulnerable countries have raised their concerns about the “disappointing’ draft as it did not stipulate any targets committing “wealthy countries to provide the finance needed to make the adaptation goal a reality on the ground,” Teresa Anderson, global lead on climate justice for ActionAid International said.

Where did the draft fall short? Despite highlighting the funding gap for adaptation strategies and calling upon developed countries to double their adaptation finance, the draft failed to address a clear goal for effectively increasing the funding. There is a gap in climate finance amounting to USD 387 bn, according to UNEP’s Adaptation Gap report. The framework also pushed back setting solid, measurable targets for global adaptation until the implementation of a two-year program to develop a system for evaluating progress on the adaptation goals. Talks on Equity and Common But Differentiated Responsibilities (CBDR), stated as one of the UNFCCC principles, are also being foiled by some developed countries. Developed countries have reportedly introduced a “no text,” option, leaving out any mention of a CBDR provision in the draft.

Global finance experts roll out climate finance roadmap: The UN’s Independent High-Level Expert Group (IHLEG) released its Climate Finance Framework (pdf) report outlining the action plans needed to implement the recently released UAE Leaders Declaration on a Global Climate Finance Framework (pdf), and deliver on the Paris Agreement. The report outlines a roadmap to deliver climate funding and address the issues facing emerging markets and developing countries (EMDCs) in their implementation of adaptation and mitigation policies.

Mobilizing domestic funds: In its report, the IHLEG identified Domestic Resource Mobilization as the first pillar to establish the foundation for a resilient climate finance system. 60% of climate investment financing is expected to be raised from domestic resources on the back of being the most feasible of climate finance methods due to the prospects of boosting tax revenues. Ramping up domestic fiscal funding can be achieved through, expanding the taxation scope without raising tax rates, enforcing a minimum corporate tax rate, and harnessing digital tech in tax revenue administration, amongst other policies, the report outlines.

Scaling up private investment to meet climate goals: With a minimum of USD 1 tn needed annually to fund climate goals in EMDCs, the report highlighted the role of the private sector in raising domestic and international private finance. Private finance can be mobilized for climate funding through various channels, such as scaling up tailored and efficient de-risking instruments, enhancing data quality and availability, consolidating the role of private businesses in EMDCs, and calling for private investments in adaptation strategies.

Strengthening the role of MDBs: Multi Development Banks (MDBs) play an essential role in unlocking climate finance and sustainable investments. The IHLEG identified a couple of gaps that MDBs need to bridge, including ramping up transformative investments in energy transition and adaptation, scaling up the scope of partnerships with the private sector, tripling climate-oriented lending, and establishing a transparency and accountability system to assess the progress of the development banks.

Widening access to concessional finance: The framework called for scaling up EMDCs’ access to concessional funding through improving the special drawing rights (SDRs) allocation system. The IHLEG also highlighted worldwide carbon pricing and taxation of high-emitting sectors as two of the methods to inject liquidity into the concessional finance system, in addition to tapping international philanthropies (including from the corporate sector) to increase their donations for climate action.

Egypt, EU to collaborate on sustainable water management: The Egyptian Water Resources and Irrigation Ministry inked a Joint Declaration with the EU Commission for Environment to strengthen cooperation on sustainable water resource management in Egypt, according to a statement released on Saturday. The partnership will see the two parties exchange knowledge and expertise on water management and explore technologies to develop adaptation strategies. Under the partnership, a high-level progress review meeting is set to be held annually.

Roland Berger + Bee’ah Group-led consortium debuts global mechanism for recycling: A consortium led by UAE waste management company Bee’ah Group and management consultancy firm Roland Berger, in collaboration with DFINITY Foundation and the International Solid Waste Association (ISWA), launched the first global Voluntary Recycling Credits (VRC) initiative to cut companies’ solid waste footprints, Wam reported last week. The consortium premiered the first live transaction last week at COP28. The complete VCR platform is set to be officially introduced some time in 2024.

ALSO- The UAE unveils global ‘Waste to Zero’ decarbonization initiative: Spearheaded by the UAE Climate Change and Environment Ministry (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer), the UAE launched its global ‘Waste to Zero’ initiative to reduce carbon emissions in the waste management sector, Wam reported on Thursday. Backed by global management consultancy firm Roland Berger, the initiative will serve as a voluntary coalition comprising governments, NGOs and the private sector. The initiative will promote cooperation and developing solutions for waste management by hosting discussions, workshops, and awareness programs globally.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Morocco joins coal phase-out coalition: In alignment with its energy transition strategy, Morocco joined the Powering PastCoal Alliance — a coalition of national and subnational governments, businesses and organizations working to advance the move away from unabated coal power generation to clean energy. The US, the UAE, the Czech Republic, Norway, the Dominican Republic, and Iceland also joined the alliance which now has 60 members. (Reuters)
  • Canada x UAE join forces to decarbonize the cement industry: Canada and the UAE have launched a joint initiative to slash carbon emissions from the cement and concrete industry. In line with the UAE’s push to decarbonize its industrial sectors, the initiative targets ramping up investments in decarbonizing the cement sector and was endorsed by the governments of the UK, Ireland, Japan, and Germany. (Statement)
  • Aviation sector on track to cut carbon emissions: The international aviation industry is poised to achieve its 2050 decarbonization targets outlined in the Dubai Global Framework. The framework was launched by the International Civil Aviation Organisation ahead of COP28 and adopted unanimously by the members. (Wam)
  • Tadweer cracks down on textile waste: UAE-based Abu Dhabi Waste Management Company (Tadweer) unveiled its Integrated Textile Circularity initiative aimed at encouraging consumers and businesses to recycle textiles. (Wam)
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